Early-morning fake breakout: BTC hit 84,200 and got smacked back down
That overnight wick probably shook a few more people out of their positions. $BTC touched 84,200 and immediately retreated to 83,625. ETH first jumped from 2,492 to 2,365 and is now stuck at 2,523—one fake breakout, while the other is just starting to perk up.
On the 1-hour chart, BTC’s red bars are still there. DIF is 195 and MACD is 4.6; the golden cross is still intact, but the J value is down to just 44, so momentum has clearly eased. Resistance is at 84,244 and support at 83,320—follow whichever side breaks. ETH also has a golden cross, with its J value around 56, suggesting sentiment is neither hot nor cold. Resistance is at 2,549 and support at 2,517. Don’t get carried away unless it breaks out of the range.
Today’s action is just the appetizer. On Tuesday, JPMorgan, Goldman Sachs, and Citi report earnings one after another. Then on Wednesday, the U.S. September CPI report drops, with the annual rate expected at 3.6%. If the data comes in hot, the rebound could quickly turn into a bull trap; if inflation cools, the bears may have to sweat. Chase the rally and risk catching a falling knife, or sit it out and risk missing the move—which would you choose: a small position to test the waters, or waiting for CPI?
$BTC $ETH #MarketAnalysis
That overnight wick probably shook a few more people out of their positions. $BTC touched 84,200 and immediately retreated to 83,625. ETH first jumped from 2,492 to 2,365 and is now stuck at 2,523—one fake breakout, while the other is just starting to perk up.
On the 1-hour chart, BTC’s red bars are still there. DIF is 195 and MACD is 4.6; the golden cross is still intact, but the J value is down to just 44, so momentum has clearly eased. Resistance is at 84,244 and support at 83,320—follow whichever side breaks. ETH also has a golden cross, with its J value around 56, suggesting sentiment is neither hot nor cold. Resistance is at 2,549 and support at 2,517. Don’t get carried away unless it breaks out of the range.
Today’s action is just the appetizer. On Tuesday, JPMorgan, Goldman Sachs, and Citi report earnings one after another. Then on Wednesday, the U.S. September CPI report drops, with the annual rate expected at 3.6%. If the data comes in hot, the rebound could quickly turn into a bull trap; if inflation cools, the bears may have to sweat. Chase the rally and risk catching a falling knife, or sit it out and risk missing the move—which would you choose: a small position to test the waters, or waiting for CPI?
$BTC $ETH #MarketAnalysis